SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP announced today that it filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of purchasers of Imperva, Inc. (NYSE: IMPV) publicly traded securities between May 2, 2013 and April 9, 2014 (the “Class Period”). Imperva develops, markets, sells, services, and supports data center security solutions that protect high value applications and data assets in physical and virtual data centers.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations and business and its financial results. The complaint alleges that, as a result of defendants’ false statements, Imperva securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $65.53 per share on March 6, 2014. The complaint alleges that certain of the Company’s officers and directors were able to sell $25.9 million worth of their Imperva stock at inflated prices, including $11.8 million worth of stock sold by the Chief Executive Officer and the Chief Financial Officer.
On April 9, 2014, Imperva reduced its first quarter revenue guidance to $31.0M to $31.5M from its previous outlook of $34.0M to $35.0M. Prior to the Company's warning, analysts’ consensus revenue estimate was $36.5M to $37.0M. Imperva stated that the lowered revenue guidance was impacted primarily by extended sales cycles on deals over $100,000. As a result of this news, Imperva’s stock plummeted $21.73 per share to close at $28 per share on April 10, 2014, a one-day decline of nearly 44% on volume of 10.9 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers of Imperva publicly traded securities during the Class Period.
If you wish to serve as a lead plaintiff, you must move the Court no later than June 10, 2014. If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063 Ext.118. More information concerning this action is also available at www.johnsonandweaver.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm with offices in New York, New York and San Diego, California. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.